Russia and the international trade system

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According to a medium-term forecast for developments in the area of ??the international economy, business revival is cumulating momentum after the recession it experienced in early 1990s. It had a relevant effect on the world trade. In 1994 the average international trade turnover showed a 9.5 percent growth being a record figure in the last 20 years and by 3 times exceeding the increase in the international production. In 1995 the World Trade Organization estimated 8 percent increase in trade turnover as compared with a 3 percent growth in the world production. World Bank experts think that in the next 10 years an average increase in foreign trade will make 6 percent annually.

An economic run-up in most industrialized countries was followed by a growing demand for many products and a consecutive price hike on international markets.

As market relations develop, process of internal price structure formation continues in Russia and it gradually closes to the price system existing on world markets. In 1995 contract prices grew perceptibly, however, prices of a majority of energy resources lagged behind those on the world trade markets in terms of rates of increase. The outcome was a worsening balance between contract and world prices.

II. .

1.What caused business revival?

a)the recession it experienced in early 1990s.

b)a record turnover in the last 20 years.

c)market relation development.

2.What do World Bank experts predict for the next 10 years?

a)a 3 percent growth in the world production.

b)a 8 percent increase in trade turnover.

c)a 6 percent increase in foreign trade annually.

3.Whatgrew perceptibly in +1995?

a)contract prices.

b)prices of a majority of energy resources.

c)world prices.

III. .

4.In 1994 the average international trade turnover showed a 9.5 percent growth being a record figure________.

a)in the last 20 years

b)in the last 10 years

c)In 1995

5.There was an economic run-up in _________.

a) in Russia b) most industrialized countries c) in Europe

6.The World Trade Organization estimated 8 percent increase in trade turnover ________.

a)In 1994

b)In 1995

c)In 1990

IV.ϳ .

7.recession

a) b) c)

8.cumulate momentum

a) b) c)
9. a relevant effecta) b) c)

10.contract prices

a) b) c)

11.estimate

a) b) c)

12.gradually

a) b) c)

13.experience

a) b) c)

V. .

a) lag behind b) consecutive c) demand d) recession e) compare f) run-up g) revival h) turnover

14.to move or develop more slowly than others

15.to examine or judge two or more things in order to show how they are similar to or different from each other

16.the amount of business done during a particular period

17.a process in which something becomes active or strong again

18.the period of time just before an important event

19.whennumbers or periods of time follow one after the other without any interruptions

20.the need or desire that people have for particular goods and services

21.a difficult time when there is less trade, business activity etc in a country than usual.

VI. : T- true, F- false, .

22.Business revival is the consequence of the recession happened in the 1990s.

23.That recession had an unimportant effect on the world trade.

24.Prices of a majority of energy resources increased together with contract prices in 1995.

VII. 䳺.

25.An average increase in foreign trade ... 6 percent annually

a) will make b) makes c) is made

26.The World Trade Organization ... just ... percent increase.

a) has estimated b) were estimated c) estimate

27.Market relations ... on the world trade nowadays.

a) develop b) are being developed c) have developed

28.An increase ... by World Bank experts last week.

a) is predicted b) had predicted c) was predicted

29.World prices ... gradually without changes.

a) develop b) increase c) estimate

VIII. .

30.Business revival is cumulating momentum according ... a medium-term forecast.

a) to b) for c) at

31.The trade turnover exceeded the increase in the international production ... 3 times.

a) for b) by c) in

32.Unfortunately, the prices lagged ... those than that of the last year.

a)between b)with c)behind

IX. .

33.It was said the outcome was ... than that of the previous year.

a) the lowest b) lower c) low

34.In 1995 contract prices grew ...

a) perceptibly b) perceptible c) more perceptible

35.World Bank experts think that this year is ... on the world trade markets.

a) good b) better c) the best

X. .

An important role in development of the international trade is played by the GATT / WTO which for 48 years tried to work out the fundamentals of a future world trade basing on principles of observance of the Agreement's general regulations aimed to keep up non-discrimination of individual states and to a gradual elimination of barriers slowing down mutual exchange of commodities. Since 1950 the world trade turnover has increased by 13 times and eight rounds of multilateral trade negotiations held under the GATT's auspices have led to a ten-fold cut of average customs duties. At present it makes a bit less than 4 percent. Russia's accession to the WTO will make it possible to tap all measures existing within the framework of this organization in order to protect Russia's economic interests. At present direct or concealed discrimination of Russian producers and traders on markets of certain countries is among factors affecting Russian exports dynamics. Thus, only the ban on Russian uranium exports to the USA has led to losses for Russia, as estimated by some experts, at $ 170 million a year. The total number of anti-dumping procedures imposed upon Russia has reached 41. More than a half of them (22) are qualified as openly discriminatory cases or unjustified claims by the Ministry of Foreign Economic Relations.

There are no apparent opponents to Russia's accession to the WTO, since the world trade, especially in the area of ??trade in raw materials, can not be regulated without participation of Russia. However, the admission of Russia may be surrounded by a number of additional obligations not directly following from the WTO requirements. Bilateral consultations held in Geneva have shown that Russia will face some complications in the course of tariff negotiations.

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